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|Wednesday, March 21, 2001, updated at 10:37(GMT+8)|
Economist Wu Jinglian Adheres to His StanceNoted economist Wu Jinglian sticks to his viewpoint that there exists bubble in China's stock market. Government administrative measures to boost the market go against the economic rules, he said.
Wu made the remarks in his speech on China's economic development direction delivered to the students of Nanjing University.
"The stock market manipulator violates both the criminal law and the civil law, and runs counter to the listing rules," he said.
"However, no one takes it seriously," he said, "on the contrary, some leading media advocate 'follow the manipulator to conquer the world.'"
"This kind of taking laws as play-game is quite abnormal," he said.
When asked about the future of China's stock market, Wu said it is on the mend and in the correct direction.
He said his earlier fierce criticism about the stock market, which triggered a prolonged hot debate recently, did not aim to topple the market, but showed his persistent disapproval of administrative interference with the stock market.
There is still a gap between China's economic status and the market economy ruled by law. The stock market should not be a speculative one, but one for investment, he insisted.
According to him, China Securities Regulatory Commission's recent moves aim to guide the market in the benign direction and are good in development trend.
Wu rebutted the view that China's opening of its B-share market to domestic investors will trap another large number of investors and said the B-share market is comparatively standardized.
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